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CSPAN
Dec 5, 2012 6:00am EST
have had an experience of this in new england. new hampshire has no income tax, no sales tax. every state around hampshire had one or the other. in the 1960's, and every state added another one, either the sales tax or the income tax. within hesitation of their people that the other tax would come out and the revenue would be used because it will be more effective in collecting it. every one of those states, the revenues have gone down, the income tax has gone up, and the size of government has gone up. from my standpoint, a value- added tax is just a way to grossly expand the size of the government, and it does not fix our revenue problems. more importantly than that, just the point where i think this argument ends up, the american people would annihilate any party that passed a national sales tax rate. if the democratic party thinks they are in charge now, and they are, and the republican party has done some things to marginalize itself, but if you want to resurrect a republican party, give me a value-added tax. >> let's take the value-added tax off the table for this the session,
CSPAN
Dec 6, 2012 1:00am EST
country and certainly in this town know where both sides are on taxes. i think we understand that. but to the speaker's point, we have not had any discussion and any specifics with this president about the real problem, which is spending. we have got to do something about the spending. and obsessions to raise taxes is not going to solve the problem. what will solve the problem is, doing something about the entitlements, taking on the wasteful spending in washington. we can't just keep borrowing money and raising taxes and expecting the problem to go away. that is our point to the president. and as the speaker said, we want to sit down with the president and want to talk specifics. we put an offer on the table now. he has out of hand reject that had. where are the specifics and where are the discussions? nothing is going on. the people of this country are suffering. we ask the president, sit down with us and be serious about the specifics in the spending so we can stop the wasteful spending in washington and finally address the problem. >> as we continue to try to solve the fiscal cliff, t
CSPAN
Dec 7, 2012 6:00am EST
spending reductions at all. we found the $1.6 trillion tax increases. the stimulus spending,we saw the extension of the unemployment insurance, which is an increase in spending. the delay in the spending cuts whatsoever. do you think the president's current offer gives us the 2-1 test? >> no. it is short. he needs to come up with roughly $600 billion more in spending cuts over the next 10 years. i think that there are significant reforms in medicare, medicaid, agricultural subsidies, and other programs in the budget. those are difficult things to implement. it takes a lot of guts to propose those things. i would not discount them. they are important. to answer your question more specifically, we do name or spending cuts to get to my ideal. -- we need more spending cuts to get to my ideal. >> policymakers need to reform entitlements. i do see members of the other party -- most notably, mr. hoyer --he said, not now. they are on the table for a later discussion. i have been disappointed that a lot of the discussion seems to be on the revenue side and not really on the cutting side. really
CSPAN
Nov 28, 2012 8:00pm EST
tom call who suggested he and his gop colleagues should renew middle-class tax cut and allowed the top tax rates to let -- rise. tonight, we speak from -- hear from speaker boehner, house democrats, and president obama on the so-called fiscal clef. later, alan simpson and erskine bowles talk about some of the fiscal choices facing congress. >> the program began under one of the advisers to president franklin roosevelt to document the conditions under which people were living. this was back when we did not have television. we had radio, but a lot of places did not have electricity, so they could not listen to the radio broadcast to find out what was going on in other parts of the country. he was an economist from columbia university. he was the head of this project. in 1939, when kodak introduced color film, they sent him to have his photographers try out, see what they could do. kodak was trying to establish a new market and product, and they wanted people who would know how to use it effectively to try it out and publicize it. >> america in the 1930's and 1940's -- the library of
CSPAN
Dec 6, 2012 6:00am EST
landing in the tax debate. they live to fight another day on spending cuts. we agree that a tax hike on middle-class americans should be taken off the table in the middle of the christmas season. >> let's get serious and across of the biggest item on our to do list and get this senate tax cut bill passed and passed now. >> questions? >> you going to call on people? >> yes. >> >> we're here to encourage the hike that will average $2,200 a are getting ready for the newit is fair, it is one thing that trillion in spending reductions. gas to go back and forth to the house as well as olympia republicans said, why don't you the house it will pass with a bipartisan vote. what other spending cuts would you propose? what has gotten us into this mess is people propose large numbers and never fell in the details. we have filled in the details of our first step. let them kill and the details of their first step on it attacks or the spending side. they have not done either so it is not much of an offer. >> what they did say, they did not include having the top two rates on the wealthiest americans w
CSPAN
Dec 6, 2012 8:00pm EST
a factory in china and sell cars. they can delay paying u.s. taxes on that indefinitely. but the money comes from the rent, as so-called passive income, they have to pay taxes on that immediately. this provision says if your a bank -- you can be late paying your taxes. it is going to be considered active income. it is quite valuable to them. it is kind of a gray area. in 1986 when they did big tax reform, they said that is active income and we should tax that money. host: we have been talking with sam goldfarb from cq roll call. thank you very much. >> explores the history and literary culture of all money -- of albany. tonight on c-span, a senate debate on the fiscal cliff. shaun donovan discusses it. harry reid and mitch mcconnell when back-and-forth on fiscal cliff issues and a proposal to raise the debt ceiling. here is part of their exchange. >> yesterday afternoon, i came to the floor and offered president obama's proposal on the fiscal cliff to show that neither he nor democrats in congress are acting in good faith in these negotiations. with just a few weeks ago before a
CSPAN
Dec 5, 2012 1:00am EST
backdrop. i want to touch on your question about corporate and individual taxes. the third piece is small businesses. we work out how develop a tax code that is good for competitiveness. you need to think about how those play into it. i think one of the things to keep hearing through messages with different groups of people is, while everybody is aware that the solution is going to take sacrifices from all sides, on spending, on revenues -- the confidence you get for putting the deal in place to actually has tremendous economic benefits. the cheapest form of stimulus is confidence. if we can put that in place, and people believe something is going to stick, it becomes easier to do your part in all of this. if the moving pieces and revenue are there, do not underestimate the benefit of what the future holds. >> this ties into michael's point. the productivity, the amount of money they get spent maintaining and administering the complex tax code is unbelievable. i would rather be spending that money. let us get on with building a business. society should do it. people should take that as a
CSPAN
Dec 7, 2012 1:00am EST
more on taxing and spending policies that causes to raise the debt, as i understand? >> absolutely. it is a bad way to conduct policy. it is a problem. look at july and august of 2011. it was a mess. gdp downgraded the debt. it really had an impact. cbo is estimating the interest costs is costing us money. it is pretty clear that this is not going to get any better going forward. it will be worse. this is a really bad way of doing things. we need to get rid of this. having said that, we need budget rules. we need to find a way to be credible. the debt ceiling approach is the wrong way of doing it. >> thank you, mr. chairman. >> thank you, senator. >> i want to pursue that question a little bit. this is on my mind also. my experience is the political system find it awfully difficult to say no to constituents. with reelection in mind or a natural human tendency to want to please people rather than disappoint them. i had the privilege of meeting with christine lagarde from the imf. i asked about the reforms that were taking place in europe. i asked, would any of these reforms be taking pl
CSPAN
Dec 5, 2012 8:00pm EST
the deal will be cut by january 1 in order to avoid sequestration and all the tax hikes? mark, i will start with you. >> i think it is 80% that we will avoid sequestration. the question is, though, is this going to be a big enough deal, and will actually be enough of a down payment that it will lead to something else subsequently that will actually avoid the kind of enormous consequences of $16 trillion of debt? that percentage will be lower than the 80%. >> let's come back to the big picture -- in the short term, by january 1 -- will we avoid the cliff? >> i think it is likely that we avoid it. it does not appear that that is going so well. it is so easy for us just to do the things we need to do. i think the real line in the sand is going to be the debt ceiling. i really do think -- i have said that for a long time. i think that is when, hopefully, by that time anyway we will have real entitlement reform, which will bring all of this together. >> chris? >> i think it is better than 50% that we are able to get an agreement before january 1. but that is premised on a belief that our r
CSPAN
Dec 4, 2012 8:00pm EST
capital gains rate in the a.m.t. is higher than the regular tax rates from incomes around $200,000 to $500,000. and that was the first broad expansion of the a.m.t., it began to hit an awful lot of people. then in 2001 they reduced regular tax rates but did not reduce a.m.t. tax rates. . for many people, the a.m.t. tax bill only changed the name of the tax i paid. i got little benefit from the rate ofin my opinion, the expand on tax has nothing to do with the action of indexing. it is the result of the conscious decision to hike the cost of tax reductions. >> the alternative minimum tax is 28%. if your tax rate was lowered to 25%. you still have to pay 28%. >> that is correct. for incomes between to london thousand dollars and $500,000, the effective tax rate is 35%. you hit the 35% rate and incomes fire lower than the income levels at which you would hit the 35% rate and regular tax. >> why do they call it a patch? >> it is a one time year by year patch to stop the broad expansion. you could ask why they call it a cliff. they have discussed this in terms of the patch. it is a year
CSPAN
Nov 29, 2012 1:00am EST
class go without this tax cut. so where we disagree, let us push that off. where we agree, let's embrace. further, we discussed again the long term effects of our deficit, which are directly tied to health care -- the work that has been done in the congress as it relates to constructing and exchange that will take place in 2014 and go into effect, and the tools that we provided a initially on a concept that by its very nature was one designed by republicans, that there is ample room for us to tackle the unbelievable rise in cost of health care to 17% of our gross domestic product by focusing on dropping those costs. most recently the president of aetna said very clearly -- not only if we drop those costs would we make health care more affordable, we would also deal with balancing our national debt. so these are all very constructive areas that we all should agree to. that the american public wants us to pursue. we remain optimistic because of the way the president has gone out there and is selling this concept, not only in white house public. i commend leader boehner, speaker boe
CSPAN
Nov 29, 2012 6:00am EST
serious about reducing spending and i would say to you, you have written a lot about the tax side of the equation. we need to read more about the spending side of the equation. they are equally important if we are going to get a balanced plan. they are serious about reducing spending -- that would include reducing spending on health care entitlements. they are serious about protecting the middle class -- you can really feel the president's passion on that. they were serious about restoring confidence in the short and long term so our economy can grow and create jobs. i think the president has always been for a balanced approach come as alan and i have. our message to the president and the congress from day one has been the same -- that is the problem is real, the solutions are painful, and there is not going to be an easy way out of it. the only way to solve it will be a balanced plan with cutting spending and one without the other will not work. where do i think we are? i am really worried. i believe the probability is we are going over the cliff. i think that would be horrible. it
CSPAN
Nov 30, 2012 1:00am EST
believed to as the inevitable that he will have to give compromise on tax rates? >> revenue is on the table. there are serious spending cuts as part of the agreements. we have a debt crisis. we are spending too much. we have to recognize that sizzle the spending that is out of control. >> what size spending cuts do you think it would take to reach a deal of the fiscal of question mike do you think the promise has to be included at interest deal? >> i do not think it is so important for a visit to the of what the spending cuts ought to be. terra a lot of options have you can get there. the second part of the question was, -- >> do you think the promise of spending cuts has to be included in a deal that averts the fiscal close? >> there is a from mark we presented two weeks ago. it has been agreed to in terms of a downpayment that would include spending cuts and revenue. the entitlement reform, and tax reform next year. this is way out of balance. not a recognition on the part of the white house. a spending problem that we have. >> the prospect of going over the fiscal close. which one
CSPAN
Nov 29, 2012 8:00pm EST
fiscal cliff by passing legislation to stop all the tax hikes, to replace the sequester, and pave the way for tax reform and entitlement reform. we are the only ones with a balanced plan to protect the economy, protect american jobs, and protect the middle class from the fiscal cliff. without spending cuts and entitlement reform, it will be impossible to address our country's debt crisis and get our economy going again and to create jobs. right now all eyes are on the white house. the country does not need a victory lap. it needs leadership. it is time for the president and congressional democrats to tell the american people what spending cuts they're willing to make. with that, i will take a few questions. [indiscernible] >> it has been very clear over the last year and a half. i have talked to the president about many of them. you can look at our budgets where we outlined specific proposals that we passed last year and the year before. we know what the menu is. we do not know what the white house is willing to do to get serious about solving our debt crisis. [indiscernible] >> i
CSPAN
Nov 30, 2012 6:00am EST
the white house's effort to cut public support to end the bush era tax cuts for incomes on $250,000 and above. it will be shown at noon eastern on c-span 3. >> washington worked his way up and went to harvard law school. he emigrated out west to the lead minee industry was in its heyday. he arrived by stagecoach, by train and arrived in this muddy mining town, boarded himself in a log cabin and slowly worked his way up and became a successful lawyer and got involved politically, ran for congress, search for 8 terms. he then befriended abraham lincoln, obviously from illinois, and ulysses s. grant, and as they were on the rise, he stayed with them as a close confidante and colleague during the civil war. after grant was elected president, he appointed washburn secretary of state. at that time, he became ill. his family feared for his life. after 10 days, he submitted his resignation to president grants. grant regretfully accepted his resignation. over the next several months, he regained his health, which was always fragile. grant offered him the position as minister to france, ambas
Search Results 0 to 14 of about 15